KeyCorp’s Preferred Stock, Series F Shares Cross 7% Yield Mark

In trading on Wednesday, shares of KeyCorp’s 5.650% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F (Symbol: KEY.PRJ) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.4125), with shares changing hands as low as $20.15 on the day. This compares to an average yield of 6.47% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, KEY.PRJ was trading at a 14.96% discount to its liquidation preference amount, versus the average discount of 9.99% in the “Financial” category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.

Below is a dividend history chart for KEY.PRJ, showing historical dividend payments on KeyCorp’s 5.650% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F :

In Wednesday trading, KeyCorp’s 5.650% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F (Symbol: KEY.PRJ) is currently down about 4.5% on the day, while the common shares (Symbol: KEY) are down about 2.8%.

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